MVP REIT Enters into Agreements to Purchase Six Parking Facilities for Approximately $69.6 Million

Chicago skyline

SAN DIEGO, CA – MVP REIT, Inc. announced the REIT recently entered into multiple purchase agreements to acquire six parking facilities for approximately $69.6 million in total. 

The agreements include the purchase of two parking garages and four parking lots located in Chicago, Indianapolis, Milwaukee and Minneapolis.

 Chicago

The REIT entered into a purchase agreement to acquire a 317-space parking garage in downtown Chicago. The parking garage also contains approximately 63,000 square feet of retail space.

Indianapolis

MVP REIT also anticipates to acquire two parking facilities in downtown Indianapolis. These include an approximately 52,650-square-foot parking garage with 370 spaces, and an approximately 46,403-square-foot surface parking lot with roughly 149 parking spaces.

Downtown Milwaukee

Milwaukee

The REIT has entered into a purchase agreement for a 48,500-square-foot parking lot with approximately 75 parking spaces.

Minneapolis

MVP REIT is expected to acquire two parking lots in in west downtown Minneapolis, including a 90,658-square-foot surface lot with approximately 270 parking spaces. The REIT also entered into an agreement to purchase a 107,953-square-foot surface lot with approximately 185 parking spaces.

MVP REIT’s parking portfolio currently contains 11 surface parking lots and three parking garages with a total of 3,253 parking spaces. The REIT’s total parking portfolio is valued at approximately $70.9 million.

   For a complete copy of the company’s news release, please contact:

Jill Swartz   

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 701                                                                                    949.427.5172, ext. 703

jill@spotlightmarcom.com

julie@spotlightmarcom.com

Jana Kramer and Country Music Personality Cody Alan Bring Super 8 Military Appreciation Tour to The Big E

Jana Kramer

 PARSIPPANY, N.J. (Oct. 2, 2015) – More than 300 service members and their families from Western Massachusetts, including Westover Air Force Reserve Base in Chicopee, will be treated to a special, live Q&A with award-winning Country music star Jana Kramer later today, all thanks to the Super 8® hotel brand and Premiere Networks.

Cody Alan

The event, being held in advance of Kramer’s main stage performance at The Big E, New England’s Great State Fair, will be hosted by CMT After MidNite’s Cody Alan and marks the second stop of the Super 8 Military Appreciation Tour.

 Launched earlier this year, the tour provides service members and their families with access to exclusive, one-of-a-kind events featuring top name Country music stars and is a part of a larger, ongoing effort by Super 8 to recognize and celebrate those who serve.

“As one of the world’s largest and most recognizable hospitality brands, Super 8 is proud to support our service men and women and especially those from the Westover Air Force Reserve Base and the surrounding area,” said Mike Mueller, brand senior vice president for Super 8.

“These individuals have made incredible sacrifices and so it’s truly an honor for us to be able to coordinate this effort for them here today. While it pales in comparison to what they’ve done for our country, this is one small way for us to show our gratitude and thanks.”

For a complete copy of the company’s news release, please contact:

Rachel Nelson

Premiere Networks

818-461-8057

rnelson@premierenetworks.com

Rob Myers

Wyndham Hotel Group

973-753-6590

rob.myers@wyn.com

Essex Realty Group Brokers the Sale of a 23-Unit Multi-Family Building in Chicago, IL

Brian Karmowski

CHICAGO, IL --  Essex Realty Group, Inc. is pleased to announce the sale of 1901 N. La Crosse Ave.

1901 N. La Crosse Ave. is a 23 unit, multi-family property located on the eastern edge of Chicago’s Belmont-Cragin neighborhood.

 Situated on the northeast corner of Cortland and La Crosse, the property is approximately eight miles northwest of Chicago’s Central Business District. Public transportation is easily accessible via the Grand/Cicero Metra Station located just two blocks southeast of the Property.

Also nearby are many bus lines along Cicero and Armitage. Several restaurants and amenities are located within walking distance of the Property including the Washington Square and Brickyard Mall, Home Depot, Dunkin Donuts, Menards, and the U.S. Postal Service.

The sale price was approximately $1,069,250.

Doug Imber and Brian Karmowski were the brokers on the transaction.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

For a complete copy of the company’s news release, please contact:

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

SVN | Chicago Commercial Expands Footprint into Northern Colorado

Alfred Stepan

CHICAGO, IL – Sperry Van Ness | Chicago Commercial announced that it has partnered with two Sperry Van Ness brokerage franchises, based out of Denver and Fort Collins, to form SVN | Denver Commercial. The merger will expand SVN | Chicago’s footprint into the northern Colorado real estate market.

“As we considered this new venture, it was important to everyone involved that the partnership not just benefit Sperry Van Ness, but more importantly benefit our clients,” said Alfred Stepan, managing director of SVN | Chicago Commercial.

 “There are many synergies between the Chicago and Denver real estate markets. We often have Chicago-based clients exploring opportunities in Denver, as it’s one of the hottest markets in the country for both real estate and job growth. 

“With this partnership, we can connect our clients with top Denver-area market experts and help them capitalize on the growth opportunities this underserved market has to offer.”

For a complete copy of the company’s news release, please contact:

Cara Mooses, cmooses@taylorjohnson.com, 312.267.4523

Kim Manning, kmanning@taylorjohnson.com, 312.267.4527

Lincoln Property Company Southeast Brokers $22.95 Million Sale of Regional Power Center in Warner Robins, GA

Kyle Stonis

ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) and SRS Real Estate Partners have arranged the $22.95 million sale of City Crossing, a 298,933-square-foot power center located in Warner Robins, Georgia.

Tony Bartlett and Chris Sipple of Lincoln and Kyle Stonis and Pierce Mayson of SRS represented the seller, Wells Fargo Bank, N.A., in the transaction. D&J Real Estate Management purchased the property, which is anchored by The Home Depot, Ross Dress for Less, HomeGoods, Old Navy and Michaels.

Originally engaged in 2012 as Receiver for City Crossing, Lincoln stewarded the center through a difficult period and was able to re-invigorate the asset through aggressive leasing and management, increasing occupancy to 86 percent while also addressing a variety of complex construction, insurance and legal issues that had collectively stymied project leasing.

“The project really brought out the best in our team and our ability to bring different disciplines within our service platform together to focus on the challenges was key to performance on the assignment,” said Bartlett, senior vice president at Lincoln who oversees the firm’s Atlanta office. “Providing our client with a ‘single stop shop’ from which to address the issues and execute a coordinated strategy ultimately added tremendous value for our client.”

Located at 2620 Watson Blvd. in Warner Robins, the property benefits from its location at the intersection of Watson Boulevard and Carl Vinson Parkway, which is crossed by more than 44,000 vehicles per day.

   For a complete copy of the company’s news release, please contact:

Savannah Duncan

The Wilbert Group

404-343-0870

sduncan@thewilbertgroup.com

Pre-NATHIC Conference Survey Finds High Interest in Buying and Developing Hotels

 

Alexi Khajavi

 Miami, FL,  Oct. 1, 2015—Officials of the North American Tourism & Hospitality Investment Conference (NATHIC) in conjunction with Lodging Econometrics, the lodging industry’s leading consulting partner for global real estate intelligence, today announced that respondents to a survey of hotel owners and investors found high interest in both buying and building hotels-signifying a continuation of the current Lodging Real Estate Cycle.

  The survey includes responses from hoteliers who currently are “active” in the market. The 7th annual NATHIC event will be held November 4-6 at the Fontainebleau Hotel in Miami.  NATHIC is a part of Questex Hospitality + Travel's International Hotel Investment Forum (IHIF) Summit Series.

Development was the hottest topic on the survey, with nearly half of the participants opening one hotel in the past 12 months and approximately 30 percent opening two or more.  Nearly one-fourth has $50 million in equity for new construction investments, and 20 percent have $200-plus-million to leverage for hospitality investments. 

“With the outlook projected to remain positive for the hotel industry at least through 2017 and continued historically low interest rates, hotels continue to attract a great deal of interest from investors, especially giving the recent volatility of the capital markets,” said Alexi Khajavi  executive vice president, Questex Hospitality Group. 

“Although the survey group was targeted to owners/investors, we were somewhat surprised by the aggressive appetite of the respondents.  These are some of the critical topics that will be discussed in depth at the conference.”

   For a complete copy of the company’s news release, please contact:

Chris Daly, media

 (703) 435-6293

 chris@dalygray.com

29th Street Capital Acquires Apartments on Houston’s East Side

Javier Bustillo

Pasadena, TX (Sept. 30, 2015) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm has acquired Casa Palmas, a 308-unit multifamily community at 3500 Red Bluff Road  in the southeast Houston suburb of Pasadena, Texas. The transaction closed Sept. 29. 

29SC purchased the asset from a Dallas-based investment group on an off-market basis.

 The asset, built in 1970, is well-maintained and has had extensive capital upgrades over the last 10 years, including new roofs and siding as well as improvements to the amenities and interiors.

 29SC plans to invest an additional $700,000 (or $2,200 per unit) to install modern black appliances and upgrade plumbing, light fixtures and cabinet hardware.

“Casa Palmas is our fourth recent acquisition in the Houston metro, with others on the horizon as we continue to see opportunities in specific pockets in the Houston market,” said Javier Bustillo, Senior Vice President of Acquisitions for 29SC.

“We love the current market dynamics in Pasadena and believe this property will deliver exceptional returns for our investors. As with all of our recent acquisitions, we plan to offer an updated and yet affordable rental option in an area with limited housing and a growing demand.”

  For a complete copy of the company’s news release, please contact:

Terri Thornton

Partner, Thornton Communications

p:404-932-4347 | e:Terri@TerriThornton.com | w:www.TerriThornton.com

  

HFF closes $123 million sale of two Class A apartment buildings in Manhattan’s Gramercy Park

210 and 220 East 22nd Street, Gramercy Park Neighborhood, Manhattan, NY

Andrew Scandalios

NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced it has brokered the sale of 210 and 220 East 22nd Street, two adjacent mid-rise apartment buildings totaling 208 units in Manhattan’s Gramercy Park neighborhood.

HFF marketed the properties on behalf of the seller, a joint venture between Broad Street Development and Crow Holdings Capital – Real Estate.  Stone Street Properties, LLC purchased both properties for $123 million and assumed the existing mortgage.

210 and 220 East 22nd Street are situated between Second and Third Avenues, two blocks from the 23rd Street subway station and within half of a mile of Gramercy Park, Union Square and Madison Square Park.

 The properties are proximate to the First Avenue medical corridor and the Midtown South office market, as well as numerous retail, dining and entertainment options.  

Renovated most recently in 2014, the properties are collectively 99 percent leased and have studio, one-, two- and three-bedroom units averaging 519 square feet each.  

Some of the recent renovations include the lobbies, common areas and tenant outdoor space.  Both buildings have elevator-access and laundry facilities on each floor.

Jeff Julien

The HFF investment sales team representing the seller was led by senior managing director Andrew Scandalios and managing directors Jeff Julien and Rob Hinckley.

“Given the location and recent renovations executed by the seller, 210 and 220 East 22nd Street is perfectly positioned as a long-term rental hold.  The buyer recognized not only the superb location within this trendy and amenity-rich neighborhood, but also saw additional upside in the asset from continued capital investments,” commented Scandalios.

  For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

$31 million financing for mixed-use property in suburban Indianapolis arranged by HFF

Rendering of  The Depot at Nickel Plate, 8594 East 116th Street, Fishers, IN

INDIANAPOLIS, IN –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $31 million in financing for The Depot at Nickel Plate, a recently-completed, mixed-use property with 242 luxury residential units and 17,045 square feet of ground floor retail located in Fishers, Indiana.

HFF worked on behalf of the borrower, Flaherty & Collins Properties, to secure the 10-year, fixed-rate loan through a correspondent life insurance company.  Loan proceeds were used to replace the existing construction financing and return capital to the owners.

David B. Keller

Completed in April 2015, The Depot at Nickel Plate is situated on 3.5 acres at 8594 East 116th Street in Fishers, Indiana less than one half of a mile from the Interstate 69 and 116th Street interchange. 

The residential component consists of 50 percent one-, 49 percent two- and one percent three-bedroom units ranging from 703 to 2,297 square feet each.  Units feature nine-foot ceilings, granite countertops, stainless steel appliances,

 USB outlets and full-size washers and dryers with select units offering Nest® thermostats, prewiring for Bluetooth® surround sound and upgraded appliance packages.

 Community amenities include a health club with interactive fitness classes, a yoga/Pilates studio, game room, cyber café, screening lounge and club room. 

Outdoor amenities include two courtyards, resort-style swimming pool, grilling areas, pet wash and bark park, which are all served by an attached 430-space parking garage.

The HFF debt placement team representing the borrower was led by senior managing director David B. Keller.

“This property is an important element to the City of Fisher’s Nickel Plate redevelopment project.  The Depot provides key ‘live-work-play’ amenities to the area’s downtown core,” said Keller.

 For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF secures $41.8 million financing for 351-unit multi-housing community in Aurora, CO

Del Arte Lofts and Flats, 151 South Joliet Circle, Aurora, CO

Josh Simon

DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $41.8 million in financing for Del Arte Lofts and Flats, a 351-unit multi-housing community in Aurora, Colorado. 

HFF worked on behalf of the borrower, Advenir, Inc., to place the seven-year, 2.28 percent, adjustable-rate loan with three years interest only with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. 

The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Loan proceeds were used to acquire the asset.

  Advenir will rebrand the property as Advenir at Del Arte and will implement a minor capital improvement program to achieve greater rental premiums.

Del Arte Lofts and Flats is located at 151 South Joliet Circle in Aurora, approximately nine miles southeast of Denver’s central business district.  The 93-percent-leased property is near the Lowry Air Force Base and the 578-acre Fitzsimons/Anschutz Medical Campus. 

The community has one-, two- and three-bedroom units and amenities such as a resort-style swimming pool, hot tub, state-of-the-art fitness center, newly-designed clubhouse with business center and access to nearby jogging trails.

The HFF debt placement team representing the borrower was led by Josh Simon and Eric Tupler.

 For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF secures financing for 608-unit multi-housing community in Dallas, TX area

The Neighborhoods at Cypress Waters Apartments, 3211 Scotch Creek Road, Dallas, TX

Trey Morsbach

DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured financing for The Neighborhoods at Cypress Waters, a 608-unit, Class A apartment and townhome community in Dallas, Texas.

HFF worked on behalf of Billingsley Company to secure the 15-year, fixed-rate loan through TIAA-CREF.  Loan proceeds were used to replace an expiring construction loan.

Completed in September 2014, The Neighborhoods at Cypress Waters is situated within the 1,000-acre, waterfront Cypress Waters mixed-use development with office, multi-housing and retail in the central part of the Dallas-Fort Worth Metroplex. 

The property encompasses a mix of flat- and townhome-style units totaling 489,486 rentable square feet with an average unit size of 805 square feet. 

Located at 3211 Scotch Creek Road, the asset is next to a 362-acre lake and has amenities such as two resort-style swimming pools, fitness center, sand volleyball court, hike and bike trails, children’s music park and playground, pet-friendly parks and dog stations.  The property is 95 percent occupied.

The HFF debt placement team representing the borrower was led by senior managing director Trey Morsbach and director Jim Curtin.

 For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.billingsleyco.com.

www.cypresswaters.com.

HFF secures financing commitments for iconic multi-housing development in Dallas, TX

  

DALLAS, TX –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured financing commitments for The Village Apartments, an iconic multi-housing development in Dallas, Texas totaling approximately 7,000 units. 

The financing included a single-sponsor securitization and a floating-rate credit facility.  

All financing commitments were provided by Freddie Mac, and the loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

HFF worked on behalf of a joint venture between Lincoln Property Company, Invesco Real Estate, acting on behalf of an institutional client, and Crow Holdings.  Financing proceeds were used to retire an existing Freddie Mac loan facility and to provide additional capital for future development.

The Village is located at the intersection of Caruth Haven and Greenville Avenue approximately eight miles northeast of downtown Dallas.  Developed as a “city within a city,” the 309-acre property has an abundant amount of open green space, two lakes, a network of streams and water features, and 2.5 miles of jogging/biking trails. 

Originally developed in the late 1960s, ownership has continued to strategically add new multi-housing communities and common area amenities with a long-term vision in mind.

 For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.invescorealestate.com.

Cohen Commercial Realty Brokers New Leases in Margate, FL and Boca Raton, FL

Travis Langhorst

MARGATE, FL  — Travis Langhorst and Bryan Cohen of Cohen Commercial Realty, Inc., announced the signing of Dent Wizard International to lease a 5,276-square-foot space at Copans Commerce Park located at 2056 NW 55th Avenue in Margate, Florida. Cohen Commercial represents the Tenant in this transaction.

MARGATE, FL  — Travis Langhorst and Bryan Cohen of Cohen Commercial Realty, Inc., announced the signing of Dent Wizard International to lease a 5,276-square-foot space at Copans Commerce Park located at 2056 NW 55th Avenue in Margate, Florida. Cohen Commercial represents the Tenant in this transaction.

BOCA RATON, FL  —Christopher Haass and Bryan Cohen of Cohen Commercial Realty, Inc., represented Fit Body Bistro of Jupiter, Florida, in successfully procuring a new lease term with options for the 2,203-square-foot space located at 10 Palmetto Park Plaza in Boca Raton, Florida.

For a complete copy of the company’s news release, please contact:

Kacy Martin

Cohen Commercial Realty, Inc.

561.471.0212 Office

561.471.5905 Fax

kacymartin@cohencommercial.com

Nominations Now Open for 5th Annual Orange County, CA Commercial Real Estate Spire Awards

Catherine Falco

ORANGE COUNTY,  CA -- Orange County, CA - Nominations are now open for the fifth annual commercial real estate SPIRE awards, aimed at recognizing Orange County's best and brightest in commercial real estate.

            Presented by the Orange County chapter of Commercial Real Estate Women (CREW-OC), the SPIRE awards will recognize developers, general

contractors, engineers, brokers, lenders, architects, attorneys, property managers, interior designers, and mortgage bankers that have demonstrated superior performance in 2015.

            "Orange County is a hub of activity for the commercial real estate industry, and there is no better way to recognize the individuals and

teams who continue to shape the local business landscape," says Karen Eddy of Western Digital, who is Co-Chair of the SPIRE award committee for CREW-OC along with Catherine Falco of Marquis Construction. 

Karen Eddy

           "Last year's SPIRE awards garnered 152 entrants and nearly 250 attendees, and we anticipate that we will increasethose numbers

substantially this year," Eddy explains.

            The SPIRE awards event will be held on March 10, 2016 at the Center Club in Costa Mesa, California. All nominees will be published in the

Orange County Business Journal the week before the event.

For a complete copy of the company’s news release, please contact:

Jenn Quader

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

Hold-Thyssen Negotiates Two New leases totaling 3,600 square feet at Edgewater Commerce Center in Orlando, FL

Edgewater Commerce Center, 6270 Edgewater Drive,
Orlando, FL

 WINTER PARK, FL --- The leasing team at Hold-Thyssen, Inc. recently negotiated two new lease agreements totaling 3,600 rentable square feet of flex space at Orlando’s Edgewater Commerce Center at 6270 Edgewater Drive.

Advantage Funding Commercial Capital Corp., which extends short term credit to businesses, leased 1,600 square feet and Orlando-based courier Eagle Express which offers immediate pick-up and delivery, leased 2,000 square feet at the center.     

These two new leases were the seventh and eighth deals this year that the Hold-Thyssen Leasing Team completed on behalf of Miami-based Landlord LNR Partners, LLC at the 64,350 square foot  Edgewater Commerce Center.

   For a complete copy of the company’s news release, please contact:

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com